Panama’s economy continues showing improvement so far this year. According to reports from the National Institute of Statistics and Census (INEC) of the General Comptroller, during the months of April, May and June, the Panamanian economy showed an increase of 5.8% of its Gross Domestic Product Quarterly (PIBT) with over the same period last year. In our article today, we will take a look at the sectors that showed more growth and those who were not so prominent.
Panamanian economy – Gogetit Highlights
* Construction activity presented a 4.5% growth.
* The Quarterly Gross Domestic Product (PIBT) valued at 2007 prices (in chained volume measures) registered a total of US $ 8725.4 million for the estimated quarter, corresponding to an increase of U.S.$ 480.5 million compared to same period of 2014.
* The activity of hotels and restaurants had a whole grew of 2.2% as a result of the increase in visitor spending 15.4%, helped by increased tourist arrivals.
Among the activities related to the domestic economy, there were some prominent, such as mining and quarrying, construction in Panama, the local wholesale and retail, transport and communications, financial intermediation, real estate activities and business services, the supply of electricity, private health and government services.
According to information published by La Estrella website, agricultural gross value added recorded a slight growth of 0.1%, due to the behavior of some activities, such as banana production; while production of rice and corn showed decreases in surface sown and harvested.
The extraction of mining and quarrying showed an increase of 4.5%, promoted by the use of source material and manufacturing reflected a 0.3% increase in value added. Moreover, the activity of the construction sector presented a set of 4.5% growth, the result of the execution of works of residential and non-residential buildings.
In the aggregate values of related activities around the world, the activities that showed an increase were port activities, the Canal and the restaurants and hotels. The activities with decrease were air transport, fisheries, trade from the Colon Free Zone and export of pineapple, melon and watermelon.
It is important to note that the activity of hotels and restaurants had a whole grew of 2.2% as a result of the increase in visitor spending 15.4%, helped by increased tourist arrivals.